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Bank of Baroda plans to double its Tech Team


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State-owned Bank of Baroda has announced its ambition to increase its in-house technology team from 1,500 employees to 3,000 within the next two years. This growth will be achieved through a combination of regular hiring processes and lateral hires of specialist talent. Debadatta Chand, the bank’s Managing Director and CEO, shared this information recently in an interview with PTI after announcing the bank’s March quarter earnings.

Strengthening the IT Team

The decision to expand the technology team comes in response to the Reserve Bank of India’s recent actions regarding technology architecture shortfalls in banks, which have affected transaction execution capabilities. Apart from the existing 1,500 in-house employees, the bank also engages contractual workers in the IT function. Chand highlighted the bank’s focus on hiring contemporary talent to significantly enhance its IT professional workforce.

Focus on Lateral Talent and Technology Investments

When it comes to hiring specialists, the bank is open to candidates across all grades, depending on the specific requirements and the candidate’s experience. Additionally, the bank is planning to launch a generative artificial intelligence-based platform to provide interactive services to its customers. Chand mentioned that Bank of Baroda has been investing heavily in technology, with approximately Rs 2,000 crore allocated solely for infrastructure. The bank intends to increase spending in this area as it becomes a greater focus moving forward.

Financial Targets and Expansion Plans

For the fiscal year 2024-2025, Bank of Baroda aims to open 60 new branches. Furthermore, the bank has set targets for credit and deposit growth, aiming for a credit growth of 12-14% and a deposit growth of 10-12% in the same period. Chand also mentioned that the bank aspires to maintain its Net Interest Margins (NIMs) at 3.15%. In the previous fiscal year, the bank had a technology budget of Rs 743 crore, with an actual IT spend of Rs 453 crore.

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